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MGT 103 > Final Exam > Flashcards

Final Exam Flashcards

1
Q

What is one product, multiple markets?

A

one product that hits various different demographics (i.e: harry potter books, frosted flakes cereal)

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2
Q

What is cannibalization?

A

company offers a new product and it only gets bought by your current buyers and doesn’t bring in new customers

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3
Q

What is multiple products, multiple market segments?

A

ford pickup trucks and ford suv’s, gap’s banana republic, gap, and old navy brands

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4
Q

What is segments of one, mass customization?

A

taking a product and making it exactly what you need (nike customization shoes, invisalign)

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5
Q

What are segmentation variables?

A

characteristics of individuals, groups, or organizations used to divide a market into segments

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6
Q

What are demographic variables?

A

genders, teenagers v. senior citizens, income levels

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7
Q

What are geographic variables?

A

east coast v. west coast, urban v. rural, climate

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8
Q

What are psychographic variables?

A

values, lifestyle, individual differences

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9
Q

What are behavioral variables?

A

usage pattern, benefits sought, decision making process

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10
Q

What is the target market process?

A

segmentation, targeting, positioning

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11
Q

What is positioning?

A

the act of designing the company’s offer and image so that it occupies a distinct and valued place in the target customer’s minds

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12
Q

Why is positioning important?

A
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13
Q

What is head to head strategy?

A

competing directly with competitors on similar product attributes in the same target market

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14
Q

What are points of parity?

A

attributes that inform the consumer that you are capable of providing something that might work

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15
Q

What are points of difference?

A

what makes your brand unique in a way that matters to the consumers

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16
Q

What is differentiation strategy?

A

strong, favorable, distinctive, and compelling associations that distinguish a brand from the crowd are fundamental to brand success

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17
Q

What is positioning statement?

A

describes the product and the market in which they compete

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18
Q

What is a product?

A

good, service, or idea that satisfies needs

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19
Q

What is customer value proposition?

A

cluster of benefits that an organization promises customers to satisfy their needs

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20
Q

What are the 3 i’s of characteristics of services?

A

intangibility, inconsistency, inventory

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21
Q

What are convenience products?

A

products you can find in many locations that you can buy quick and often

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22
Q

What are shopping products?

A

products that are available in fewer locations which we give more thought and bought less frequently

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23
Q

What are specialty products?

A

you have to hunt for where to buy these products

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24
Q

What are unsought products?

A

products you need but dont realize you need like life insurance

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25
Q

What is a product item?

A

a specific product with a unique brand, size or price

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26
Q

What is a product line?

A

a group of products or services that satisfy a class of needs

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27
Q

What is a product mix?

A

consists of all product lines offered by an organization

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28
Q

What are the three levels of innovation?

A

continuous, dynamically continuous, discontinous

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29
Q

What is continuous innovation?

A

requires no new learning by consumers

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30
Q

What is an example of continuous innovation?

A

new improved shaver

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31
Q

What is dynamically continuous innovation?

A

disrupts consumer’s normal routine but does not require totally new learning

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32
Q

What is an example of dynamically continuous innovation?

A

electric toothbrushes

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33
Q

What is discontinuous innovation?

A

requires new learning and consumption patterns by consumers

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34
Q

What is an example of discontinuous innovation?

A

electric car

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35
Q

What is the product life cycle?

A

introduction, growth, maturity, decline

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36
Q

What is the growth stage of the PLC?

A

the product is accepted and sales rapidly increase

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37
Q

What is the maturity stage of the PLC?

A

sales peak, profit margins narrow

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38
Q

What is the decline stage of the PLC?

A

sales decrease as customer needs change

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39
Q

What are the types of product adopters?

A

innovators, early adopters, early majority, late majority, and laggards

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40
Q

What is an innovator?

A

higher educated, use multiple information sources

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41
Q

What is an early adopter?

A

leaders in social setting; slightly above average education

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42
Q

What is early majority?

A

deliberate; many informal social contacts

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43
Q

What is late majority?

A

skeptical; below average social status

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44
Q

What are laggards?

A

fear of debt; neighbors and friends are information sources

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45
Q

What is relative advantage?

A

degree to which consumers perceive the new product as offering superior benefits

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46
Q

What is compatibility?

A

consistent with existing cultural values, customs, practices, ‘way of doing things’

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47
Q

What is trailability?

A

ease of sampling a new product and its benefits

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48
Q

What is observability?

A

degree to which others can witness the new product and benefits

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49
Q

What is brand?

A

the emotional connection people have with your business or product, and their perception is reality

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50
Q

What are the elements of brand equity?

A

brand name awareness, perceived brand quality, brand associations, and brand loyalty

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51
Q

What is brand equity?

A

the added value a brand name gives to a product beyond the functional benefits provided

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52
Q

What is individual branding?

A

separate brands for each product or product line

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53
Q

What is another name for individual branding?

A

multibranding

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54
Q

What is an example of multibranding?

A

chevrolet, buick, and cadillac are all brands of GM

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55
Q

What is umbrella branding?

A

a single brand for nearly all of a company’s products

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56
Q

What are other names for umbrella branding?

A

family branding or multiproduct branding

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57
Q

What is an example of umbrella branding?

A

kirkland signature

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58
Q

What is product repositioning?

A

change essential aspect of a product, often to increase relevance

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59
Q

What are brand extensions?

A

strategy of using established brand in different context

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60
Q

What is an example of a brand extension?

A

dyson vacuum to dyson fans and hairdryers

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61
Q

What is the only marketing mix variable that can be changed quickly?

A

price

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62
Q

How do you calculate profit?

A

profit = total revenue - total cost

63
Q

How do you calculate profit when you don’t have total revenue?

A

profit = (price x quantity sold) - total costs

64
Q

What is price?

A

the assignment of value, or the amount the consumer must exchange to receive the offering

65
Q

What is the relationship between price and demand?

A

there is an inverse relationship

66
Q

What is inelastic demand?

A

a change in price results in a little or no change in quantity demanded

67
Q

What is elastic demand?

A

a change in price causes a great (opposite) change in quantity demanded

68
Q

What are fixed costs?

A

don’t change with the number of units produced

69
Q

What happens with average fixed cost per unit?

A

it will always decrease as the number of units produced increases

70
Q

What is variable costs?

A

those production costs that are tied to the number of units produced and thus vary depending on volume

71
Q

What are examples of variable costs?

A

raw materials, credit card fees, sales comissions

72
Q

What are examples of fixed costs?

A

rent, mortgage payment, insurance

73
Q

What is break-even point?

A

the point at which the costs of producing a product equal the revenue made from selling the product

74
Q

What is contribution margin?

A

difference between total revenue and total variable costs

75
Q

How do you calculate contribution unit margin?

A

price - variable costs

76
Q

What is cost based pricing?

A

calculate price based on company’s costs

77
Q

What is competitive based pricing?

A

benchmarking on competitor’s prices

78
Q

What is demand based pricing?

A

setting a price based on what consumers are willing to pay

79
Q

What is an example of demand based pricing?

A

ubers, lyfts, hotels

80
Q

What happens in the last stage of the product life cycle?

A

competitors start to leave the market

81
Q

What are the 4 P’s?

A

product, price, place, promotion

82
Q

What are the 4 C’s?

A

customer solution, customer cost, convenience, communication

83
Q

How do we calculate value?

A

value = customer benefits - customer costs

84
Q

What are three things we must do before differentiating?

A

signal to consumer the goal they can expect to achieve by using your brand, leveraging your points of parity, and making your points of difference compelling

85
Q

What are points of parity?

A

consumers must perceive your product to be a legitimate and credible player in the frame

86
Q

What is an example of a direct channel?

A

etsy

87
Q

What is a channel structure?

A

flow of goods and services from manufacturer to target customer

88
Q

What is a direct channel?

A

from company to customer; manufacturer and end customer interact directly with no intermediaries

89
Q

What is an indirect channel?

A

company retailer customer or company wholesaler retailer customer

90
Q

What are hybrid channels?

A

a company that has a storefront but also. sells through different retailers like apple

91
Q

What is an advantage of a direct channel?

A

greater control over environment in which offering is delivered

92
Q

What is a disadvantage of a direct channel?

A

takes time to establish and difficult to establish same breadth

93
Q

What are some advantage of indirect channels?

A

rapid distribution and breadth

94
Q

What are some disadvantages of indirect channels?

A

loss of control over selling environment and brand associations

95
Q

What is a product’s value-chain?

A

efficiently getting the product, in good condition to where, it is convenient for the consumer to buy it, and in a setting that is consistent with the brand’s image

96
Q

What is full vertical integration?

A

a firm takes over control from production to customer facing portion

97
Q

What is forward vertical integration?

A

manufacturers gain ownership over the intermediary at the next level down

98
Q

What is backward vertical integration?

A

retailers might own the manufacturing operation ex: mcdonalds buying farms

99
Q

What is intensive distribution?

A

placing products in many outlets; convenience products

100
Q

What is exclusive distribution?

A

placing the product in very few outlets; shopping products

101
Q

What is selective distribution?

A

somewhere between the other two; specialty products

102
Q

What are slotting allowances?

A

fees that are paid by the manufacturer to the retailer to get space in store

103
Q

What is the marketing mix?

A

product, price, promotion, placement

104
Q

What are brick and mortar stores?

A

a physical place

105
Q

What is self service?

A

customers perform many of the functions during the purchase process

106
Q

What is limited service?

A

customers responsible for most shopping activities but salespeople are available for help in some departments

107
Q

What is full service?

A

specialty stores and department stores; wanting to make the customer’s life as easy as possible

108
Q

What are atmospherics?

A

project a functional and psychological picture that appeals to the target market

109
Q

What needs to happen in the maturity stage?

A

maintain loyalty

110
Q

What is a promotional activity to inform?

A

advertising, publicity, free samples

111
Q

What is coherence?

A

a consistent and compelling message can help significantly in creating a consistent and compelling position for the brand

112
Q

What is a promotional activity to persuade?

A

personal selling to intermediares

113
Q

What do you do when you find something that works?

A

stick with it

114
Q

What is the promotional mix?

A

advertising, selling, direct marketing, sales promotions, public relations

115
Q

What is push strategy?

A

manufacturer incentivizes retailer who incentivizes customers to buy

116
Q

What is pull strategy?

A

manufacturer are mainly directed to consumers who will then try to get their retailers to carry it

117
Q

What is pioneering advertising?

A

used during introductory stage of PLC(informational)

118
Q

What is competitive advertising?

A

promotes a specific brand’s features and benefits

119
Q

What is comparative advertising?

A

a subset of competitive, shows one brand’s strengths relative to those of the competition(need data to support)

120
Q

What is reminder advertising?

A

emphasize previous knowledge of the product

121
Q

What is reinforcement advertising?

A

a subset of reminder; assure current users they made the right choice

122
Q

What is advocacy advertising?

A

state the position of a company on an issue

123
Q

What is SMART?

A

specific, measurable, achievable, relevant, timeline

124
Q

Why are strategy and execution equally important?

A

a great strategy with poor execution will fail, as will a greater execution of a poor strategy

125
Q

What is personal selling?

A

direct interaction between a company representative and a customer, two-way flow of information

126
Q

What are advantages of personal selling?

A

immediate feedback, quite persuasive

127
Q

What are disadvantages of personal selling?

A

expensive per exposure, messages may differ

128
Q

What is B2C?

A

business to consumer

129
Q

What are inside sales?

A

from a desk, personalized

130
Q

What are some examples of personal sellers?

A

barbers, dentists, attorneys, realtors

131
Q

What are outside sales?

A

sales reps visiting locations, personalized, selling products into retail stores

132
Q

What are order takers?

A

sales person who collects orders but does not attempt to find new customers or persuade existing customers to increase the size or frequency of their orders

133
Q

What are order getters?

A

sales person who increases the firm’s sales revenue by acquiring orders from new and existing customers

134
Q

What is presentation?

A

begin converting a prospect into a customer by creating a desire for the good or service

135
Q

What is close?

A

obtain a purchase commitment from the prospect and create a customer

136
Q

What is a stimulus-response presentation?

A

given the appropriate stimulus, the customer will buy

137
Q

What is another word for stimulus-response presentation?

A

suggestive selling

138
Q

What is formula-selling presentation?

A

information must be provided in step-by-step, thorough, accurate manner

139
Q

What is need-satisfaction presentation?

A

probing and listening, identifying needs/interests

140
Q

What does it mean to acknowledge and convert?

A

acknowledge and turn to a positive - “yes, and this is why…”

141
Q

What does it mean to postpone?

A

don’t answer immediately but remember to get back

142
Q

What does it mean to agree and neutralize?

A

explain why it isnt a problem

143
Q

What does it mean to accept the objection?

A

learn from them - “thanks for pointing that out to me”

144
Q

What is denial?

A

to prevent misinformation

145
Q

What does it mean to ignore the objection?

A

meant as a stalling technique

146
Q

What is crowdsourcing?

A

generating insights leading to actions based on ideas from massive numbers of people

147
Q

What is an example of crowd sourcing?

A

create the next oreo flavor!

148
Q

What is crowdfunding?

A

gathering an online community of supporters to financially ally around a specific project unlikely to get resources from traditional funding

149
Q

What is user-generated content?

A

created by consumers instead of the brand

150
Q

Who do consumers tend to trust?

A

their friends over corporations

151
Q

What is social marketing?

A

a process that uses marketing principles and techniques to influence a target audience behaviors that will benefit society in addition to the individual

152
Q

What is an example of social marketing?

A

australian train company - “dumb ways to die”

153
Q

What is social marketing used for?

A

enhancing financial wellbeing, protecting the environment, improving public health, etc.

154
Q

What are the behaviors that social marketing are working against?

A

“fun” behavior

MGT 103 (7 decks)

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